Core Insights - Kuaishou reported a total revenue of 126.9 billion RMB for the year 2024, marking an 11.8% year-on-year growth, with adjusted net profit increasing by 72.5% to 17.7 billion RMB [1] - The focus of investor inquiries during the earnings call shifted towards Kuaishou's advancements in AI, particularly the commercialization and investment in AI technologies [1] Group 1: AI Strategy and Developments - Kuaishou's AI model, Keling AI, is positioned as a new foundational infrastructure for video creation in the AI era, aimed at empowering both professional and amateur creators [2] - The AI model is expected to reduce the cost of producing short video marketing materials by 60%-70% or more, with plans to upgrade the existing commercial engine to an AI-driven model [2] - The company plans to significantly increase capital expenditures (Capex) and R&D investments over the next three years, which may impact profit margins in the short term but is seen as a long-term investment in reshaping the video production and consumption industry [2] Group 2: Future Investment Plans - Kuaishou's AI-related capital expenditures are expected to continue growing in 2025, although the scale of growth will be manageable [3] - The company has already procured training computing power in advance for 2023 and 2024, with plans to continue this in 2025 to ensure Keling's technological leadership [3] - Adjustments will be made to AI-related capital expenditures based on the commercialization progress of Keling, with a projected impact of 1%-2% on adjusted net profit margins in 2025 [4] Group 3: Keling AI Progress - Keling AI was launched in June 2024, attracting over one million users within a month, with updates released approximately every two weeks [5] - The latest version, Keling 1.6, shows significant improvements in video quality and responsiveness to textual descriptions, ranking among the top video generation models globally [5] - Keling AI has generated over 100 million RMB in cumulative revenue as of February 2025, with partnerships established with thousands of domestic and international companies, including Xiaomi and Amazon Web Services [5]

本地生活GMV同比超翻倍增长 可灵AI商业化截至今年2月累计收入超1亿元 在视频生成大模型领域，快手旗下的可灵AI已经成为全球AI内容创作者和艺术家们的主流视频创 作工具。据披露，去年第四季度末，可灵AI推出1.6版本，在语义遵循、画面美感及动态质量上均有显 著提升，尤其在"图生视频"场景下，内部评测显示其综合效果较1.5版本提升近200%。与此同时，可灵 AI自开启商业化以来，截至今年2月累计营业收入已超1亿元。据介绍，目前，可灵AI已与包括小米、 亚马逊云科技、Freepik、蓝色光标等在内的国内外企业客户建立合作关系。 线上营销领域，快手基于大模型对商品语义和用户表征的深度理解，持续优化模型预估能力，显著 提高了广告投放效果，撬动了营销投放的增长。2024年全年，快手线上营销服务收入同比增长20.1至 724亿元，其中Q4线上营销收入首次突破200亿元达206亿元。 程一笑表示，根据快手内部测算，AI大模型预计可以把客户的短视频营销素材制作成本降低 60%~70%甚至更高。 AI赋能内容与商业生态 快手去年经调净利润同比增 长72.5% 3月25日，快手科技发布2024年第四季度及全年业绩。财报显示，快 ...

快手去年营收1269亿增长超一成，可灵AI累计营收 超1亿 可灵AI累计营收超1亿，加强研发投入 过去一年，快手继续深化AI战略的推进，并取得阶段性成果，公告显示，自商业化以来，截至 2025年2月，可灵AI累计营业收入超1亿元。2024 年 6 月，快手推出视频生成大模型可灵AI，自上线 3月25日晚，快手科技发布2024年第四季度及全年业绩。财报显示，快手全年营收1269亿元，同比 增长11.8%。全年经调整净利润同比增长72.5%至177亿元，连续两年实现规模化盈利。第四季度收入达 到354亿元，同比增速略逊于全年，为8.7%。第四季度的日活用户数依然保持在4亿以上，同比增长达 到4.8%。 在财报后的电话会上快手科技创始人兼首席执行官程一笑对公司在AI上的进展和规划做了详细披 露，他强调，快手正站在AI技术与视频大模型重塑产业格局的关键节点，AI不仅是效率提升工具，更 是驱动平台在流量增长的同时，创造更多商业生态价值的核心引擎。 线上营销服务对收入贡献率接近六成 据财报，线上营销服务收入占到了全年收入的57.1%，达到724亿元，同比增速超20%，对年收入的 贡献比例进一步攀升。财报提到，快手抓住了包 ...

快手可灵AI开始赚钱了 摄影：范剑磊 界面新闻记者 | 肖芳 界面新闻编辑 | 文姝琪 在各个互联网大厂还在探索AI的商业化场景时，快手可灵AI已经开始赚钱了。 3月25日，快手发布2024年Q4及全年业绩显示，全年总营收同比增长11.8%至1269亿元，全年经调整净 利润同比增长72.5%达177亿元。其中，可灵AI自商业化以来到今年2月累计营业收入超1亿元。 2024年6月，快手推出视频生成大模型可灵AI。在商业化上，可灵AI推出了面向C端（用户）的会员收 费模式和面向B端（企业）的API订阅模式。其中，可灵AI的会员服务分为三个等级，价格分别为66 元、266元和666元。在去年11月的第三季度财报电话会上，快手CEO程一笑曾透露，可灵AI服务用户 已超500万，商业化单月流水超千万，2025年预计会大幅增长。 在API订阅上，可灵AI目前已与包括小米、亚马逊云科技、Freepik、蓝色光标等在内的数千家国内外企 业客户建立了合作关系。 在3月25日晚间的财报电话会上，程一笑称，快手正站在AI技术与视频大模型重塑产业格局的关键节 点，AI不仅是效率提升工具，更是驱动平台在流量增长的同时，创造更多商业生态 ...

快手 20250325 摘要 Q&A 快手在 2024 年第四季度及全年业绩表现如何？ 2024 年第四季度，快手的平均日活跃用户保持在 4 亿以上，总收入同比增长 8.7%至人民币 354 亿元，经调整净利润人民币 47 亿元，创单季新高。全年总收 • 快手 2024 年总收入达人民币 1,269 亿元，同比增长 11.8%，经调整净利润 人民币 177 亿元，同比增长 72.5%，净利润率 14%，盈利能力显著提升。线 上营销服务收入同比增长超 20%，电商 GMV 同比增长 14.4%至人民币 4,621 亿元。 • 快手通过 AI 技术赋能内容创作，降低视频制作门槛，提升用户参与度和活 跃度。可林 AI 作为视频生成工具，助力普通人进行视觉叙事，并激发 AI 体系内容的生产、消费与互动，实现商业化场景的大规模应用。 • 可林 AI 于 2024 年 6 月推出视觉生成大模型，迅速获得全球视频创作者的 积极反馈。通过快速迭代，不断提升画面质量和语义理解能力，在 AI 评测 网站上占据全球领先地位。快手计划持续投入研发，保持可林 AI 的技术领 先优势。 • AI 技术提升了快手平台用户内容与商品之间的匹 ...

快手高管解读2024年Q4财报：可灵AI"图生视频"效 果处于全球第一 快手（HKEX： 1024）今日发布了截至12月31日的2024年第四季度及全年财报。第四季度，营收 为354亿元，同比增长8.7%；净利润为40亿元，而去年同期净利润为36亿元。非国际财务报告会计准则 计量，调整后的净利润为69亿元，而去年同期调整后的净利润为61亿元。 2024年全年，营收为1269亿元，同比增长11.8%；净利润为153亿元，而2023年净利润为64亿元。 非国际财务报告会计准则计量，调整后的净利润为177亿元，而2023年调整后的净利润为103亿元。 详见： 快手第四季度营收354亿元 经调净利润69亿元 一图看懂快手Q4财报 财报发布后，快手科技联合创始人、执行董事、首席执行官程一笑，CFO金秉等高管出席了随后举 行的财报电话会议，解读财报要点，并回答分析师提问. 以下即为本次电话会议分析师问答环节主要内容： 瑞银集团分析师Felix Liu：我的问题有关AI。公司的视频大模型可灵AI最近获得了各界的广泛关 注，也包括三月初的"两会"新闻发布会。能否请管理层与我们分享一下可灵AI成功的原因？未来管理层 计划如何保 ...

业绩炸裂！快手，一年净赚177亿元！平均每天4亿"老铁"在线 3月25日，快手（01024.HK）公布2024年全年业绩。2024年，快手的业绩、用户规模、电商商品交易总额（GMV）都创下了历史新高。 多项数据创新高 财报显示，2024年，快手实现营业收入1269亿元，同比增长11.8%；实现净利润177亿元，同比大增72.5%。快手表示，2024年，在AI大模型驱动下， 快手全站的运营效率得到显著提升。 | | | 截至12月31日正午反 | | | | | --- | --- | --- | --- | --- | --- | | | 2024年 | | 2023年 | | | | | | 佔收入 | | 佔收入 | | | | 金額 | 直分比 | 金額 | 目分比 | 同比變動 | | | | | (人民幣百萬元,百分比除外) | | | | 收入 | 126,898 | 100.0 | 113.470 | 100.0 | 11.8% | | 毛利 | 69,292 | 54.6 | 57,391 | 50.6 | 20.7% | | 經營利潤 | 15,287 | 12.0 | 6.431 | 5. ...

Core Insights - Kuaishou has undergone a significant personnel change with the departure of Fu Chi, the head of its live streaming and gaming business, who announced his resignation on March 21 [1][3] - Li Huan, the current Vice President, has been appointed to take over Fu Chi's role, bringing extensive management experience from various business sectors within Kuaishou [1][3] Management Transition - Fu Chi joined Kuaishou in early 2019 and held several key positions, including leading the user growth department, where he reported directly to Senior Vice President Wang Jianwei [1][3] - Under Fu Chi's leadership, Kuaishou saw an 18% year-on-year increase in high-quality and high-income streamers by Q2 2024, along with a 32% growth in active guild streamers, laying a solid foundation for the company's live streaming business [1][3] Business Performance - Li Huan has successfully led various business segments, including live streaming, e-commerce, and recruitment, achieving significant milestones such as 250 million monthly active blue-collar users, which represents a substantial portion of Kuaishou's total 700 million monthly active users [1][3] - The number of active merchants reached 184,000, with over 4.76 million job positions provided, showcasing the effectiveness of Li Huan's management [1][3] Strategic Implications - The leadership change is viewed as a major strategic decision for Kuaishou, with the company aiming to enhance user experience and operational efficiency while fostering the continued growth of its live streaming and gaming ecosystems [3]

Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 126.898 billion, representing an 11.8% year-over-year increase from RMB 113.470 billion in 2023[4]. - Adjusted net profit for the year was RMB 17.716 billion, a significant increase of 72.5% compared to RMB 10.271 billion in the previous year, with an adjusted net profit margin of 14.0%[4]. - Operating profit for the year was RMB 15.287 billion, a remarkable increase of 137.7% from RMB 6.431 billion in 2023[4]. - Gross profit for 2024 was RMB 69.292 billion, up 20.7% from RMB 57.391 billion in 2023, with a gross margin increase from 50.6% to 54.6%[41]. - The company reported a net profit of RMB 15.344 billion for the year, up from RMB 6.399 billion in 2023, marking a growth of 140.5%[113]. - Basic earnings per share for the year were RMB 3.56, compared to RMB 1.48 in 2023, reflecting a significant increase[111]. User Engagement - Average daily active users (DAUs) increased to 399.4 million in 2024, up from 379.9 million in 2023, while average monthly active users (MAUs) rose to 709.7 million from 678.2 million[12]. - The average daily usage time for Kuaishou users reached 125.6 minutes, with total user usage time increasing by 5.8% year-over-year[16]. - In Q4 2024, the average daily active users of Kuaishou reached 401 million, with a year-over-year growth of 4.8%, while monthly active users reached 736 million, growing by 5.0%[16]. E-commerce Growth - The total e-commerce Gross Merchandise Volume (GMV) for the year was RMB 1,389.582 billion, compared to RMB 1,184.371 billion in 2023, indicating strong growth in the e-commerce sector[12]. - The e-commerce GMV in Q4 2024 grew by 14.4% year-over-year to RMB 462.1 billion, with monthly active buyers increasing by 10.0% to 143 million[21]. - The number of monthly active merchants in Kuaishou's e-commerce ecosystem grew by over 25.0% year-over-year in Q4 2024[23]. Marketing and Advertising - Kuaishou's online marketing service revenue in Q4 2024 was RMB 20.6 billion, representing a year-over-year increase of 13.3%[19]. - Online marketing service revenue rose by 20.1% to RMB 72.419 billion in 2024, driven by optimized marketing solutions and AI technology[35]. - The daily average consumption of AIGC marketing materials exceeded RMB 30 million in Q4 2024, significantly enhancing customer marketing efficiency[19]. Research and Development - The company is leveraging advanced AI technology to enhance content creation and user experience, positioning itself at the forefront of industry transformation[13]. - Research and development expenses rose by 4.7% to RMB 3.5 billion in Q4 2024, reflecting increased employee benefits costs[69]. International Operations - The overseas segment reported an operating loss of RMB 934 million, compared to a loss of RMB 2,789 million in the previous year, indicating an improvement[129]. - Overseas revenue grew by 52.9% year-on-year in Q4 2024, with online marketing revenue increasing by 83.5%[27]. Cash Flow and Investments - Net cash generated from operating activities for the year ended December 31, 2024, was RMB 29.8 billion, compared to RMB 20.8 billion in 2023[106]. - The net cash used in investing activities was RMB 36.677 billion, compared to RMB 19.865 billion in 2023, indicating increased investment[118]. - The total available funds as of December 31, 2024, amounted to RMB 92.8 billion, up from RMB 61.6 billion in 2023[105]. Corporate Governance - The board has decided to reallocate part of the unused net proceeds to working capital and general corporate purposes, including share buybacks, to enhance resource allocation flexibility[158]. - The company has complied with all applicable corporate governance code provisions except for the separation of the roles of Chairman and CEO[159]. - The company will continue to focus on long-term strategic needs and optimize operational efficiency[158]. Future Outlook - The company aims to enhance its AI-driven content platform and create long-term value for users and partners[29]. - The company is actively considering mergers and acquisitions as part of its growth strategy[178]. - Forward-looking statements in the announcement are subject to risks and uncertainties, and investors should not overly rely on them[173].

快手电商酒水行业运营专家陈帅：内容与生态协同 撬动酒业增长新机遇 细分来看，快手酒水板块以白酒为主，GMV占比在80%以上。买家以中年男性为主，占比达到 77%，主要集中在新线城市。TOP5人群标签是：小镇中老年、都市男性、都市银发、资深中产和小镇 青年。 陈帅介绍，酒企入驻快手，有三种路径。首先可以作为货主来入驻，通过官方商城上架货品，可以 享受流量和货款的补贴；其次供货给主播，进行分销带货；再次可以打造自播账号，售卖给消费者。 而在自播商家板块则有4种类型。 "2024年快手酒水新增10个破亿品牌，近500个酒水自播商家增长超100%。"3月22日，在由《中国 经营报》举办的"传承与创新——千年酒文化的破局之道"糖酒会沙龙闭门会上，快手电商酒水行业运营 专家陈帅分享了这样一组数据。 这在一定程度上表达着短视频平台对酒水行业的巨大增长潜力。陈帅还强调，短视频平台凭借用户 规模、精准触达及"内容+电商"生态，已成为酒企突破线上增量的重要阵地，同时呼吁行业抓住快手生 态红利，探索新机遇。 陈帅指出，2024年中国移动互联网用户规模达12.44亿人，短视频用户月均使用时长117小时，占全 网总时长的44.4%，用 ...